Analysts See Possible Zinc Rally Ahead
Tuesday October 22, 2013, 11:57am PDT
The Financial Times reported that although zinc prices have not fared well in the recent past, an increasing number of investors and analysts are optimistic that the metal will see a sharp rally in the next few years. Most are banking on the expectation that as large zinc mines close, there will not be enough new projects to replace supply.
As quoted in the market news:
“At issue is the closure of some of the world’s largest zinc mines. Brunswick and Perseverance in Canada, owned by Xstrata, closed earlier this year. Then late next year Vedanta is planning to close Lisheen in Ireland, among the top dozen largest global mines. And in 2016 the world’s third largest zinc mine, Century in Australia, is due to cease production.
At the same time, there are few large-scale zinc projects ready to fill the gap left by these closures. And those that exist are suffering delays: just on Friday, MMG, the international mining arm of Minmetals of China, said its Dugald River project in Australia was “unlikely” to meet a previously announced plan of starting production in 2015.”
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